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Article

The Level of Financial Literacy of Russians: Before and During the Crisis of 2008-2009

Economic sociology - The European electronic newsletter. 2011. Vol. 12. No. 2. P. 27-43.

The main goal of this paper is to address the issues of defining and measuring the concept of ‘financial literacy’
in all-Russian surveys as well as to reveal the changes in the level of financial literacy of Russians during the period
of 2008-2010.
The main finding of these surveys is that the level of financial literacy of Russians is low. During the crisis it
started growing but only in terms of self-estimation and perception. In 2009 people thought that they were more
financially literate than before the crisis. However, when they answer questions in the objective tests, a substantial
change in attitudes, knowledge and skills can hardly be noticed.